The chemical logistics specialist Brenntag has acquired Matrix Chemical, a solvents distributor and the largest distributor of acetone in North America with sales of around $200m so far in 2021.
Matrix distributes acetone and other solvents to customers throughout the US and Canada. These products are used in various industries such as personal care, adhesives, and the paint and coatings industry. Matrix operates storage tanks at bulk terminals in Texas, Illinois, Pennsylvania, and North Carolina.
Steven Terwindt, COO of Brenntag Essentials, said: “With the acquisition of Matrix we create a highly reliable and competitive logistics network for acetone and solvents in North America that allows us to take advantage of market opportunities and to deliver a variety of core products to our customers more efficiently, economically and in a more sustainable manner. Overall, we expect significant operating synergies by leveraging Matrix’s supplier relationships, logistics network and bulk storage capacity in combination with Brenntag’s existing North American infrastructure and outbound logistics.”
Headquartered in Essen, Germany, Brenntag has more than 17,000 employees worldwide and operates a network of more than 670 sites in 77 countries. In 2020, Brenntag generated sales of around €11.8bn.
Anthony Gerace, managing director of mergers and acquisitions for Brenntag, said: “Matrix and its terminals in the United States perfectly complement our existing network in the region. The acquisition is strategically aligned with our growth strategy in North America as it creates substantial additional acetone capacity in key geographic areas at advantaged barge economics. The combined network will improve our geographic coverage and operating efficiency and allow us to better serve our customer and supply partners alike.”
Closing and signing of the acquisition occurred simultaneously.
For more information visit: www.brenntag.com